Progress Software (NASDAQ:PRGS) Announces Earnings Results

Progress Software (NASDAQ:PRGS) announced its quarterly earnings data on Tuesday. The software maker reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.14 by $0.11, Briefing.com reports. The firm had revenue of $184.69 million during the quarter, compared to the consensus estimate of $181.91 million. Progress Software had a return on equity of 37.04% and a net margin of 9.67%. The business’s revenue for the quarter was up 11.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.01 EPS.

Progress Software Stock Down 0.0 %

PRGS stock opened at $52.63 on Thursday. The company has a debt-to-equity ratio of 1.55, a quick ratio of 0.94 and a current ratio of 0.94. The company has a market capitalization of $2.31 billion, a price-to-earnings ratio of 34.18, a PEG ratio of 6.94 and a beta of 0.95. Progress Software has a fifty-two week low of $49.02 and a fifty-two week high of $62.34. The stock has a fifty day moving average of $55.29 and a 200-day moving average of $54.21.

Progress Software Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were paid a dividend of $0.175 per share. The ex-dividend date was Thursday, February 29th. This represents a $0.70 annualized dividend and a dividend yield of 1.33%. Progress Software’s payout ratio is 45.45%.

Insider Transactions at Progress Software

In other Progress Software news, EVP Sundar Subramanian sold 5,799 shares of the firm’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $52.58, for a total value of $304,911.42. Following the completion of the transaction, the executive vice president now owns 15,399 shares in the company, valued at approximately $809,679.42. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Progress Software news, EVP Sundar Subramanian sold 5,799 shares of the firm’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $52.58, for a total value of $304,911.42. Following the completion of the transaction, the executive vice president now owns 15,399 shares in the company, valued at approximately $809,679.42. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Ian Pitt sold 3,168 shares of the firm’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $57.40, for a total value of $181,843.20. Following the completion of the transaction, the insider now owns 3,167 shares of the company’s stock, valued at approximately $181,785.80. The disclosure for this sale can be found here. In the last 90 days, insiders sold 81,998 shares of company stock worth $4,651,992. 3.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Federated Hermes Inc. raised its holdings in shares of Progress Software by 46.7% in the 3rd quarter. Federated Hermes Inc. now owns 1,165 shares of the software maker’s stock valued at $50,000 after acquiring an additional 371 shares in the last quarter. Tower Research Capital LLC TRC raised its holdings in shares of Progress Software by 29.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,527 shares of the software maker’s stock valued at $89,000 after acquiring an additional 350 shares in the last quarter. Penserra Capital Management LLC raised its holdings in shares of Progress Software by 50.0% in the 1st quarter. Penserra Capital Management LLC now owns 2,622 shares of the software maker’s stock valued at $123,000 after acquiring an additional 874 shares in the last quarter. Point72 Middle East FZE purchased a new stake in shares of Progress Software in the 4th quarter valued at about $147,000. Finally, Captrust Financial Advisors raised its holdings in shares of Progress Software by 75.1% in the 1st quarter. Captrust Financial Advisors now owns 3,525 shares of the software maker’s stock valued at $166,000 after acquiring an additional 1,512 shares in the last quarter.

Analysts Set New Price Targets

A number of brokerages have issued reports on PRGS. Wedbush upped their price objective on Progress Software from $65.00 to $67.00 and gave the company an “outperform” rating in a research note on Friday, February 23rd. Oppenheimer restated an “outperform” rating and issued a $66.00 price objective on shares of Progress Software in a research note on Wednesday. Finally, JPMorgan Chase & Co. reduced their price objective on Progress Software from $65.00 to $63.00 and set an “overweight” rating for the company in a research note on Wednesday. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, Progress Software presently has an average rating of “Moderate Buy” and an average price target of $64.40.

About Progress Software

Progress Software Corporation develops, deploys, and manages business applications in the United States and internationally. The company offers OpenEdge, an application development platform for running business-critical applications; Chef, a DevOps/DevSecOps automation software; Developer Tools that consists of software development tooling collection, including .NET and JavaScript UI components for web, desktop and mobile applications, reporting and report management tools, and automated testing and mocking tools; Kemp LoadMaster, an application delivery and security product offering cloud-native, and virtual and hardware load balancers; and Sitefinity, a digital experience platform foundation delivering intelligent and ROI-driving tools for marketers.